More than €1 billion has been allocated from 2023 to the present to curb inflation through five support packages, according to a message posted on the government’s social media accounts by Finance Minister Makis Keravnos.
The Minister noted that “inflation stems from imported inflation due to the energy crisis caused by armed conflicts.”
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“A constant goal of our policy is to improve the daily lives of citizens by implementing a broad social policy that preserves and strengthens the disposable income of workers, vulnerable individuals, and households,” he added.
He noted that “in order to meet the needs of our citizens and small businesses, we must first have a resilient economy resulting from responsible management. That is what we have done in recent years, and that is what we continue to do. Budget surpluses and the reduction of public debt allow us not only to service our debt but also to return the benefits of growth to society through specific measures.”In order to meet the needs of our citizens and small businesses, we must first have a resilient economy resulting from responsible management. This is what we have done in recent years, and this is what we continue to do. “Budget surpluses and the reduction of public debt allow us not only to service our debt but also to return the benefits of growth to society through specific measures.”
Mr. Keravnos noted that the new tax reform has been in effect since January. For approximately 200,000 of our fellow citizens, disposable income has already improved. More than 50,000 no longer pay any income tax at all.
“There is a tax deduction for rent and/or mortgage interest on a primary residence, as well as for green home improvements. Families with children receive additional tax credits: 1,000 euros for the first child, 1,250 for the second, 1,500 for the third, and so on. The same applies to the child allowance. The income thresholds have been raised to 90,000 for families with three children and to 100,000 for families with four children. “For large families with five or more children, the income criteria have been abolished,” he noted.
“Regarding the cost-of-living crisis caused primarily by imported inflation, we have allocated approximately 1 billion euros from 2023 to the present through five support packages,” the Minister of Finance stated.
“None of this is being done with money we don’t have. We are supporting society because our economy allows us to do so. This is the result of the government’s responsible economic policy. The wealth generated by our workers and businesses is being returned to and distributed throughout society, with priority given to our most vulnerable fellow citizens,” Mr. Keravnos emphasized.
The Minister invited citizens to visit the website se-afora.gov.cy for more information.
“Join us in our ongoing effort to change Cyprus,” he concluded.
Source: CNA
